AMD Flow Report

Analysis based on market close March 31, 2026

Flow Verdict

Confidence:

7 / 10

base 5; +2 strong net premium (+$58.8M) and P/C 0.60; +1 flow aligns with pro-cyclical GEX regime; -1 elevated IV (62%) suggests volatility risk; -0.5 P/C OI ratio (1.12) shows underlying put positioning

Watch next session: $212.50 Call OI (5,730) for resistance test; Flow in $200-$205 zone for support/protection; Any large block trades in the $150 May puts for hedging context

Flow Summary

Net premium: +$58.8M bullish

P/C volume ratio: 0.60 — strong call-dominant volume

P/C OI ratio: 1.12 — underlying put-leaning positioning

Aggressive call buying dominates today's volume, generating significant bullish net premium. However, the open interest remains skewed toward puts, indicating a market that is tactically bullish but strategically hedged. The flow is concentrated in near-term, out-of-the-money calls, suggesting a bet on an imminent upside move.

Notable Prints

AMD 2026-04-02 $212.50 Call

Vol: 22,072

OI: 5,730

Vol/OI: 3.9x

IV: 51.7%

Notional: ~$46.8M (based on ~$2120 avg premium)

Intent: Fresh directional call buying for immediate upside

Dual read: Likely bought to open. High volume vs. OI and proximity to spot ($203.43) suggests new bullish bets targeting a quick move above $212.50.

Read-through: This is the anchor of today's bullish flow. Buyers are targeting a break above a key resistance level within the week.

AMD 2026-05-08 $150 Put

Vol: 5,212

OI: 133

Vol/OI: 39.2x

IV: 71.4%

Notional: ~$3.9M (based on ~$7.50 avg premium)

Intent: Long-dated, far out-of-the-money protective put purchase or hedge leg.

Dual read: Bought to open as a cheap, long-term hedge against a significant downturn. The high IV (71.4%) suggests buying pressure.

Read-through: Contrasts with near-term call bullishness. This is a strategic, capital-efficient hedge, not a near-term directional bearish bet. It provides context for the bullish call flow—it may be part of a 'risk-on with a hedge' institutional posture.

AMD 2026-04-02 $207.50 Put

Vol: 8,645

OI: 1,010

Vol/OI: 8.6x

IV: 40.3%

Notional: ~$4.3M (based on ~$5.00 avg premium)

Intent: Short-dated put selling or protective put buying near max pain.

Dual read: Could be selling (bullish) to collect premium with spot above strike, or buying (bearish/hedging) protection just below the $205 max pain. Lower IV suggests possible selling.

Read-through: Activity clustered around the $205-$215 zone for the weekly expiry. Given the dominant bullish call flow, this is more likely short put selling (bullish) or closing of existing bearish positions, adding to the bullish skew.

AMD 2026-04-02 $217.50 Call

Vol: 17,766

OI: 4,801

Vol/OI: 3.7x

IV: 47.6%

Notional: ~$26.6M (based on ~$1500 avg premium)

Intent: Fresh directional call buying for aggressive upside.

Dual read: Bought to open. Targets a move to ~$217.50, well above current spot and the $212.50 call wall. Part of the same bullish bet as the $212.50 calls, just more aggressive.

Read-through: Confirms the bullish conviction is not just for a modest pop but for a sustained rally. Builds a call wall at $217.50 that could act as a magnet if breached.

AMD 2026-05-01 $315 Call

Vol: 729

OI: 102

Vol/OI: 7.2x

IV: 56.8%

Notional: ~$0.36M (based on ~$5.00 avg premium)

Intent: Lottery ticket long-dated call buying.

Dual read: Bought to open. Extremely OTM (+55% from spot), low premium, high-risk/high-reward bet on a massive rally over the next month.

Read-through: While small in notional value, it's a sentiment indicator showing speculative appetite for extreme upside, complementing the nearer-dated bullish flow.

Institutional Positioning

Call additions: Major additions at $212.50 and $217.50 Calls for 4/2 expiry. Also notable flow into $210, $220, and $240 calls across April expiries per premium data.

Put additions: Strategic, long-dated hedging seen in the $150 May Put. Near-term, put flow is concentrated at $200-$215, likely a mix of closing and short selling given the context.

GEX/DEX consistency: Yes — Flow is consistent. Negative GEX (-$11.3M) indicates a 'trending' or pro-cyclical regime where dealers are short gamma and may amplify spot moves. Today's heavy call buying (positive delta) would force dealers to buy spot to hedge, reinforcing an upward move.

OI clusters: Major Put OI: $165 (30,602), $150 (17,548), $140 (16,626) — these are likely long-dated strategic hedges. Major Call OI: $180 (25,064), $220 (17,722), $240 (16,735). Near-term, the $212.50 Call (5,730 OI) is now a key resistance/magnet.

Hedging evidence: Clear evidence of multi-layered hedging: 1) Long-dated, far OTM puts ($150 May). 2) Near-the-money puts at $200 (large OI). This creates a 'bullish but protected' posture where institutions are willing to bet on upside but have defined risk.

Max pain context: Spot ($203.43) is hovering just below the dominant near-term max pain of $205. The clustering of weekly put flow around $207.50-$215 and call flow above $210 suggests the market is pushing for a resolution above max pain, which would be bullish.

Signal vs Noise

~The $20.00 Call with $8.5M net premium is almost certainly a data error or a swap/structured product leg. Ignore as directional signal.

~High volume in weekly (4/2) $212.50/$215.00 Puts is likely a combination of closing existing positions and selling new puts for premium, given the bullish call flow and spot above max pain. Not a primary bearish signal.

~The massive OI in $140-$165 Puts is long-dated (likely 2026-2027) and represents legacy hedging, not new directional bearish bets. The new flow in the $150 May Put is the relevant hedging signal.

Key Conclusions

🚀Heavy, concentrated call buying at $212.50 and $217.50 for this Friday's expiry signals strong conviction in an immediate upside breakout.

🛡️Institutions are buying bullish calls but maintaining long-dated tail-risk hedges (e.g., $150 May Put), indicating a 'risk-on with protection' stance.

🌀Negative GEX (-$11.3M) aligns with the bullish flow; dealer hedging could amplify upward momentum if spot breaks above $212.50.

⚖️Watch the $200-$205 zone. It's the battleground between max pain ($205), major put OI ($200), and today's bullish flow. A hold above is critical for the bullish thesis.

Read the Flow analysis for AMD for 2026-03-31. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.